Tension in Ukraine Sends Oil Futures Higher

NEW YORK—Escalating tensions in Ukraine sent oil futures up more than $2 per barrel on Monday, pushing both the West Texas intermediate and Brent crude prices to new closing highs for 2014.

Light, sweet crude for April delivery settled up $2.33, or 2.3%, at $104.92 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange rose $2.13, or 2%, to $111.20 a barrel.